With SwipeSimple Terminal, merchants can rely on the basic functions of traditional payment terminals that they and their customers are used to, while gaining access to a sleeker, more modern form factor that consumers prefer, along with SwipeSimple’s intuitive user interface that is loved by merchants today to accept payments on the go, in.
A payment terminal, also known as a Point of Sale (POS) terminal, credit card terminal, EFTPOS terminal (or by the older term as PDQ terminal which stands for 'Process Data Quickly'[1] or in common jargon as 'Pretty Damn Quick'[citation needed]), is a device which interfaces with payment cards to make electronic funds transfers. The terminal typically consists of a secure keypad (called a PINpad) for entering PIN, a screen, a means of capturing information from payments cards and a network connection to access the payment network for authorization.
A payment terminal allows a merchant to capture required credit and debit card information and to transmit this data to the merchant services provider or bank for authorization and finally, to transfer funds to the merchant. The terminal allows the merchant or their client to swipe, insert or hold a card near the device to capture the information. They are often connected to point of sale systems so that payment amounts and confirmation of payment can be transferred automatically to the merchants retail management system. Terminals can also be used in stand alone mode, where the merchant keys the amount into the terminal before the customer present their card and personal identification number (PIN).
The majority of card terminals today transmit data over cellular network connections and Wi-Fi. Legacy terminals communicate over standard telephone line or Ethernet connections. Some also have the ability to cache transactional data to be transmitted to the gateway processor when a connection becomes available; the major drawback to this is that immediate authorization is not available at the time the card was processed, which can subsequently result in failed payments. Wireless terminals transmit card data using Bluetooth, Wi-Fi, cellular,[2][promotional source?] or even satellite networks in remote areas and onboard airplanes.
Prior to the development of payment terminals merchants would capture card information manually (using what are called 'ZipZap' machines).[citation needed] The development of payment terminals was led by the advantage of efficiency by decreased transaction processing times and immediate authorisation of payments. In terms of security, terminals provide end to end card data encryption and auditing functions.[3][promotional source?] Nevertheless, there have been some cases of POS pin pad malware. There have also been incidence of skimming at card terminals and this led to the move away from using the magnetic strip to capture information using EMV standards.[4]
History[edit]
Prior to the development of payment terminals, merchants would use Manual Imprinters (also known as ZipZap machines) to capture the information from the embossed information on a credit card onto a paper slips with carbon paper copies. These paper slips had to be taken to the bank for processing. This was a cumbersome and time consuming process.
Point of sale terminals emerged in 1979, when Visa introduced a bulky electronic data capturing terminal which was the first payment terminal. In the same year magnetic stripes were added to credit cards for the first time. This allowed card information to be captured electronically and led to the development of payment terminals.
One of the first companies to produce dedicated payment terminals was Verifone. It started in 1981 in Hawaii as a small electronic company. In 1983 they introduced the ZON terminal series which would become the standard for modern payment terminals.
Hungarian born George Wallner in Sydney, Australia founded rival Hypercom in 1978 and in 1982 started producing dedicated payment terminals. It went on to dominate the south pacific region. In 1988 the company signed a deal with American Express to provide its terminals to them in the US. To consolidate the deal, Hypercom moved its head office from Australia to Arizona in the US. It then faced head to head competition with VeriFone on its home market.[5][promotional source?]
Over a decade later in 1994 Lipman Electronic Engineering, Ltd. was established in Israel. Lipman manufactured the Nurit line of processing terminals. Because of Verifone's already firm place in the payment processing industry when Lipman was established, Lipman targeted an untapped niche in the processing industry. While, Lipman holds about a 10% share in wired credit card terminals, they are the undisputed leader with more than 95% share in wireless processing terminals in the late 1990s.
Verifone would later acquired both of these major rivals, acquiring Lipman in 2006 and the payment part of the Hypercom business including its brand in 2011.
In 1980 Jean-Jacques Poutrel and Michel Malhouitre in 1980 established Ingenico in France and developed their first payment terminal in 1984. Its Barcelona-based R&D unit would lead the development of payment terminals for the next decade. Ingenico, through a number of acquisitions, would dominate the European market for payment terminals for a number of years. They acquired French based Bull and UK based De La Rue payment terminal activity as well as German Epos in 2001.[6][promotional source?]
Initially, information was captured from the magnetic strip on the back of the card, by swiping the card through the terminal. In the late 1990s, this started to be replaced by smart cards where the chip was embedded in the card. This was done for added security and required the card to be inserted into the credit card terminal. In the late 1990s and early 2000s contactless payment systems were introduced and the payment terminals were updated to include the ability to read this these cards using near field communication (NFC) technology.
Typical features[edit]
- Key entry (for customer not present mail and telephone order)
- Refunds and adjustments
- Settlement (including automatic)
- Pre-authorisation
- Payments using near field communication enabled devices
- Remote initialisation and software update
- Point of sale (POS) integration
- Multi-merchant capabilities
- Pen or PIN authorization by the customer
- Surcharge function
- Secure password operation
- Additional PIN pad attachments
Like Automated teller machines, many payment terminals are also equipped raised tactile buttons and an earphone jack which allow the blind to audibly finish the payment process.[7][promotional source?][8][promotional source?]
Major manufacturers[edit]
There are 3 main global players who offer both a wide range of payment terminals, sell worldwide, and continue to develop to the latest international payment industry standards.[9] In most countries terminals are provided to merchants via a multitude distributors that support and pre-configure devices to operate with local payment networks or financial institutions.
Alternatives[edit]
A merchant can replace the functionality of dedicated credit card terminal hardware using a terminal application running on a PC or mobile device, such as a smartphone. They usually work with dedicated hardware readers that can transfer magnetic stripe data to the application, while there are also some that also work with smart cards (using technology such as EMV), although this is rarely seen on smartphone readers. In case the necessary hardware is unavailable, these applications usually support manual entry of the card number and other data. In addition, more and more devices are beginning to offer built-in RFID or NFC technology to accommodate contactless or mobile device payment methods, often without requiring additional external hardware.[10]
Some payment processors offer virtual terminals for processing payments without the card being present, for example when taking payments over the phone.[11][promotional source?]
Mobile payment systems such as those based on QR code payments by-pass the need for payment terminals altogether relying on smartphones and a printed QR code.
See also[edit]
References[edit]
- ^Transversal, James Leslie at. 'Ask Barclaycard a question'. ask.barclaycard.co.uk. Retrieved 2017-09-28.
- ^'Ingenico Group - Expertise - Pay-at-the-Table'. ingenico.us. Retrieved 2017-09-13.
- ^'Gateways'. Verifone.com. Retrieved 2017-09-13.
- ^'ATM 'Shimmers' Target Chip-Based Cards — Krebs on Security'. krebsonsecurity.com. Retrieved 2017-09-13.
- ^'Hypercom Corporation History'. Funding Universe. Retrieved December 8, 2015.
- ^'Ingenico - Our history'. Retrieved December 28, 2016.
- ^'iSC Touch 480'. ingenico.us. Retrieved 2017-09-13.
- ^'Talking ATM Overview - Wells Fargo'. www.wellsfargo.com. Retrieved 2017-09-13.
- ^'How the Top 3 Card Machine Manufacturers are Redefining the Payment Industry'. ExpertSure. Retrieved December 29, 2017.
- ^Whitney, Lance (2011-03-24). 'App turns Google Nexus phone into payment tool'. CNET. Retrieved March 24, 2015.
- ^'MX 915'. Verifone.com. Retrieved 2017-09-13.
Brings CardFlight’s Established SwipeSimple Software to an Entirely New Platform; Will Enable Resellers to Offer Merchants a More Modern and Exciting Offering than Traditional Terminals
“Our mission at CardFlight is simple—we’re committed to making payment acceptance fast, dependable, and effortless for business owners in today’s fast-evolving digital world. Bringing our SwipeSimple product to smart terminals as the next step in that mission just made sense.”
NEW YORK (PRWEB)April 16, 2019
CardFlight, the leading SaaS payment technology company, today unveiled SwipeSimple Terminal, the expansion of their signature software to the smart terminal payment space. Designed to change and enhance the way small businesses process payments and handle other key related services, SwipeSimple Terminal will bring simple, reliable payment acceptance to even more small businesses than before. By integrating CardFlight’s industry-leading software, SwipeSimple Terminal offers the payment acceptance and software management tools that over 50,000 small businesses already rely on, via an enhanced, intuitive and easy-to-use format that resellers are familiar with and can trust.
“Today’s launch expands our tested, state-of-the-art payments software to a new medium, making it easier than ever for small business owners across America to build and grow their companies,” said Derek Webster, CardFlight Founder and CEO. “Our mission at CardFlight is simple—we’re committed to making payment acceptance fast, dependable, and effortless for business owners in today’s fast-evolving digital world. Bringing our SwipeSimple product to smart terminals as the next step in that mission just made sense.”
With SwipeSimple Terminal, merchants can rely on the basic functions of traditional payment terminals that they and their customers are used to, while gaining access to a sleeker, more modern form factor that consumers prefer, along with SwipeSimple’s intuitive user interface that is loved by merchants today to accept payments on the go, in their store and at their computer.
Merchants can access all the capabilities of a traditional terminal...
- EMV chip, contactless, and magnetic stripe payment acceptance
- Rugged, compact form factor with built-in receipt printer
- Wired and wireless connectivity
…plus the power and simplicity of SwipeSimple.
- Easy-to-use touchscreen interface
- On-screen tip prompts
- Customizable digital receipts via SMS and email
- Searchable transaction history on the device
- Item catalog and inventory management
- Powerful business insight tools at SwipeSimple Merchant Web Dashboard
CardFlight is proud to partner with Merchant Acquirers and Independent Sales Organizations around the country to help empower small business owners. Small businesses nationwide now have the ability to securely accept payments anywhere through CardFlight’s technology, and by using SwipeSimple Terminal, resellers can now serve a wider universe of customers and potential merchants, including those in the retail goods/services, specialty food/beverage, medical/dental/professional services and nonprofits/educational space.
“We’re grateful that our reseller partners have brought SwipeSimple to more than 50,000 small businesses across the United States,” said Marla Knutson, Senior Vice President of Strategic Partnerships at CardFlight. “Introducing SwipeSimple to the smart terminal market enables us and our reseller partners to support even more merchants across new business categories and to do so at a deeper level, making it easier than ever before for our partners to support their customers with our technology.”
SwipeSimple Terminal will initially be available on the PAX A920 and PAX A80, enabling CardFlight to work with Merchant Acquirers and Independent Sales Organizations to meet diverse merchant needs.
- PAX A920, a sleek, sophisticated model featuring a 5” high-resolution display, long-lasting battery, and SwipeSimple’s revolutionary payment acceptance capabilities
- PAX A80, an entry-level solution offering all the same SwipeSimple capabilities in a more traditional terminal device, for about the same cost as basic terminals currently on the market
The SwipeSimple Terminal is scheduled for release later this quarter. Merchant Acquirers and Independent Sales Organizations interested in distributing it can apply to join a private beta now to be among the first to resell SwipeSimple Terminal. It will also be on display at this year’s ETA TRANSACT conference, taking place in Las Vegas from April 30 – May 2.
To learn more about SwipeSimple Terminal, please visit here.
About CardFlight
CardFlight is a leading SaaS payment technology company making payment acceptance effortless and simple, by creating cutting-edge solutions designed to help small businesses grow.
SwipeSimple, a signature CardFlight product, reaches businesses through a sales channel of financial institutions, independent sales organizations, and merchant service providers. Used by more than 50,000 small businesses in the U.S., across all 50 states, SwipeSimple empowers entrepreneurs to accept payments on the go, in their stores, and at their computers.
CardFlight takes pride in building forward-thinking solutions defined by reliability and driven with the end-user’s goals in mind. For more information, visit cardflight.com.
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